Background and Development Challenges 

UNDP is working with the Ministry of Finance and the National Economic and Social Development Council (NESDC) in formulating the Integrated National Financing Framework (INFF), which will help Thailand in strengthening its planning processes and overcoming existing impediments to financing sustainable development and the Sustainable Development Goals (SDGs). It lays out the full range of financing sources – domestic and international sources of both public and private finance – and allows countries to develop a strategy to increase investment, manage risks and achieve sustainable development priorities, as identified in a country’s national sustainable development strategy. Furthermore, UNDP supported the formulation of Phuket’s transformation vision and strategy towards green, inclusive, and sustainable structure—which entailed prioritizing investment projects and potential funding channels.

Before the COVID-19 outbreak, UNESCAP (2019) estimated that, for Thailand to meet the SDGs, it will require around THB 1.27 trillion (US$ 40.9 billion) in additional annual investment from 2020 to 2030, equivalent to 50 baht per person per day.  Amid the pandemic, global geopolitical uncertainties, and triple planetary crisis, more financing is needed to achieve the SDGs by 2030.  This points to an urgent need and opportunity to step up the role of development finance via the INFF as a key enabler to secure sufficient resources for SDG-aligned priorities at national and sub-national levels, including for the 13th National Economic and Social Development Plan (2023-2027).  In addition, the pandemic presents an opportunity for formulating financing strategy for Phuket to support its transformation from a tourism-reliant destination towards becoming a province with diversified economic structure and sustainable development pathway.